Make sense of health care reform

Columnist, Brian Marcolini

Health care reform comes in many different shapes and sizes. More than ever before, individuals are debating how to transform, what programs to be part of and with whom to partner. Nationally, people debate all varieties of reform, when in reality there are pros and cons to each option. [Read more…]

Northern New Yorkers traveling outside the region are often surprised to discover that many people have never heard of the 1000 Islands. But, that’s not uncommon for tourism destinations that are regionally popular. As a Wisconsin native, I’d never heard of the Muskokas before moving to the Canadian border. Likewise, few people in the 1000 Islands seem to know about Door County, Wis., which is one of the most popular vacation regions in the Midwest.
These experiences illustrate that establishing a tourism “brand” that has broad reach is a challenge that requires significant resources, persistence and a focus on telling the brand’s story to out-of-area audiences. Even well-established tourism destinations have to work hard to keep their brand visible in primary markets and expand awareness in secondary markets. [Read more…]

Recognized by Congress in 1999, May is National Military Appreciation Month when we celebrate Loyalty Day (May 1), Military Spouse Appreciation Day (May 11), VE Day (May 8), Armed Forces Day (May 19), and Memorial Day (May 30). It is a time when we reflect on the services and sacrifices of the men and women serving our great nation and thank them for their work. Yet, during this time we should also reflect on the many soldiers and their families who have called our communities home and who help to grow the culture and economy of our region. [Read more…]

As I travel across Northern New York and speak with many business leaders, I hear repeatedly about the need for economic development policies that support sustainable, market-driven small business expansion. One such federal agency, the well-known, yet often under-utilized Export-Import Bank is particularly well equipped to implement such policies so that U.S. companies may grow by accessing new export markets. [Read more…]

In today’s financial climate banks have cash reserves available for lending to small businesses. But that does not necessarily mean a bank is willing to take 100 percent of the risk in a loan to a business. Regulatory agencies would not approve. Therefore, banks have tools available to reduce their risk when lending to businesses. Here are a few of the most popular examples:

The U.S. Small Business Administration 7(a) Loan Program is one of the most popular with banks. Depending on the size of the loan, the SBA will guarantee a portion of the loan that the bank makes to eligible borrowers. For example, if the bank loan is less than $150,000, the SBA may guarantee up to 85 percent of the loan amount. If the loan is over $150,000, then the SBA may guarantee up to 75 percent of the loan amount. The maximum bank loan amount for a SBA 7(a) loan guaranty is $5 million ($3.75 million SBA loan guaranty).

The SBA 7(a) Loan Program reduces a bank’s risk in lending to an eligible borrower. For example, if a bank commits to lend $300,000 to a business, the SBA may guarantee up to $225,000 of this loan amount. This leaves $75,000 in lending “risk” to the bank. I say “risk” because the bank will typically have collateral in the form of real estate, machinery and equipment and inventory, among other items, to secure its loan. [Read more…]

Geographic Information System is a computerized system used to store, analyze, retrieve and manipulate spatial data. Many people use GIS technology without realizing it. The last time you were in a new city looking for the nearest coffee shop, you may have used your smart phone’s map app to find it. MapQuest, Google Earth and the GPS device in your vehicle are all examples of GIS.

GIS technology is a combination of hardware, software and data that is used to collect, manage and display information. GIS has a wide range of uses and capabilities. Trucking and distribution companies use it to plan delivery routes. [Read more…]

Even after working with businesses for 15 years, I still find it very interesting when I have the opportunity to review financial statements. A business’s financial statements tell a business’s story without ever speaking with the owner. That is why it is crucial for a business owner to take time preparing and learning how to read financial statements.

There are typically three types of financial statements that a business owner should be familiar with and regularly monitor: the income statement, the balance sheet and the cash flow statement. A business owner should also monitor the aging of accounts payable and accounts receivable at the same time they review their statements.

The income statement, in short, tells the story of whether a business is making or losing money. If revenues are more than expenses, there is an operating profit; if revenues are less than expenses, there is an operating loss. [Read more…]

It’s no secret that all businesses need funding. Business owners go through a variety of avenues to obtain funding and can often be met with frustration and rejection. Through personal conversations with a number of business owners, professional peers and friends, I hear over and over again that “there is no money to borrow” and that “lending institutions are not lending.” Despite these frustrations and concerns, options are available for financial assistance.

The lending environment is actually becoming increasingly competitive because institutions do have capital to lend. In today’s environment, lenders are looking for creative and beneficial ways to provide loans to businesses. The old banking adage that “cash is king” still rings true today as businesses fight to hold onto their own capital. Businesses can never have too much cash and banks want to work with businesses that have cash. With the Small Business Administration’s 504 program, businesses can access capital on favorable terms as well as help preserve some of their own cash. [Read more…]

A year ago, I reflected on the North Country Alliance’s success over the past 24 years. Today, I reflect on 25 years of providing funding and giving a voice to small businesses across the north country.

The NCA began in 1988 as a nonprofit community development organization comprised of industrial and government agencies from across Jefferson, Lewis, St. Lawrence, Clinton, Essex and Franklin counties. [Read more…]

As I read the May 2013 edition of NNY Business headlined, “Open for Business,” I am very pleased with the many successful, thriving businesses located in the north country, as well as the many new ones making our region home. Having worked with small businesses for the past 15 years, first at the Small Business Development Center at Jefferson Community College and SUNY Canton, and now for the Development Authority of the North Country, the one thing I keep coming back to as the backbone for any successful business is the business plan.

Michelle Capone

When asked to speak to an audience about starting or expanding a business, I always start with the importance of the business plan. Many people envision a business plan as a big book full of statistics and data. A true business plan, in my mind, succinctly includes all of the details that will make your business venture successful. [Read more…]